The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) to 26.75 percent, up from the previous 26.25 percent.
This decision was announced by Olayemi Cardoso, the Governor of the apex bank, on Tuesday following the committee’s 296th meeting in Abuja.
The adjustment comes in response to Nigeria’s inflation rate, which surged to 34.19 percent last week, driven primarily by rising food prices.
The MPR serves as the baseline interest rate in the economy, influencing all other interest rates within the financial system.
Governor Cardoso highlighted the need for this rate hike to address the persistent inflationary pressures and to stabilize the economy.
“Given the current economic realities, it is crucial to take decisive action to curb inflation and ensure macroeconomic stability,” Cardoso stated.
More details later…
